We watch them on television and listen to their music, but how did some of the richest Black people rise to the top of their games to become some of the most successful people in their fields?
We’ve rounded up what some of the richest Black Americans have to say about money and the secrets to success.
Rapper Nas says surrounding himself with a coalition of smart people in different fields has helped him get to the top of his game.
“I’ve always wanted to be surrounded by the smartest people in the world, and didn’t want to limit that to just music,” he once told CNBC. “I want to meet the people who are innovating in all different fields, and investing lets me do that. I meet the people that are changing the game across all different industries, and I get to be there first at the ground level. It’s helped me to progress tremendously in my business.”
Rapper, producer and entrepreneur Master P has had more than his fair share of financial success. But he says his knowledge is his most valuable asset.
“I’m always trying to learn something every day to get better. Even from my mistakes there’s a lesson. I don’t look at it as a loss. I say, ‘You know what, I learned something from this and now I can better myself. I can be a better person, I can be a better man, I can be a better father,’” he told Forbes. “That’s what life is about. It’s about growing and getting better.”
Comedian and television host Steve Harvey says real estate is one of the best long-term investments because it’s one of the few things that will always appreciate in value.
“A guy told me once, ‘If you can buy anything, buy yourself some land, ‘cause they ain’t making no more. So somebody’s gonna want that piece sooner or later,” he said.
In an interview with Chase, LeBron James told the story about a meeting he had with the president of Reebok during his senior year of high school. He offered the NBA star $10 million as long as he promised not to meet with Nike or Adidas. James turned the deal down, something he says was an important decision about knowing his worth.
“I started thinking, if this guy is willing to give me a $10 million dollar check right now, what is to say that Nike or Adidas is not willing to give me 20 or 30 up front. Maybe the upfront money is not even the biggest thing. Maybe, let’s start thinking about the back end,” he said. “I’ve always known—and it comes from my uncles as well—never put all your eggs in one basket.”
The singer and entrepreneur believes that in order to be successful, you have to step out of your comfort zone.
“What does fear taste like? Success. I have accomplished nothing without a little taste of fear in my mouth,” she said.
Comedian Kevin Hart advises people to manage their money in a smart way, making sure they have funds set aside for Uncle Sam.
“You only get in debt when you don’t understand the breakdown of your finances. When you make money, split it in half. Create a f*ing account. Call it the tax account. Put half of that that there, so as you make money, you always put this money in the tax account,” he said. “I’m never going to touch that money, because it’s not mine.”
But even when Kevin has paid the government, he’s not done saving. He says he takes the other half of his money, splits it in half and uses it for a financial investment.
“I’m only living off a quarter of my financial gain,” he says.
Success doesn’t always come easy – particularly for women. And tennis champ, Serena Williams believes women are stronger together.
“Every woman’s success should be an inspiration to another. We’re strongest when we cheer each other on,” she said.
When asked about being a Black billionaire during an appearance on The Talk, Allen said “It’s a great job if you can get it.” But he added that one of the biggest keys to success is staying focused.
“Do what you love and love what you do. Find a need and fulfill that need and before you know it, you’ll be good. You can be as wealthy as you want to be within 24-36 months. Just focus on it,” he said.
The billionaire rapper says in order to succeed, you must stay focused on your dreams.
“You can want success all you want, but to get it, you can’t falter. You can’t slip, you can’t sleep. One eye open, for real, and forever,” he raps.
The media mogul says she is more than her money.
“All these many years later, I still know I am not my income. I am not the lifestyle my income can afford me. I let money serve its purpose. But I don’t live to serve money,” she said.
In a June 2024 interview with BBC, the former NBA player and entrepreneur had an important piece of advice about managing money for young athletes.
“If you’re earning money, please get yourself a business manager. I didn’t know money growing up, and when I got to the NBA, I had to find people who knew about money. That’s why I’m sitting here with you! I did something different than most athletes: I got a business manager to teach me,” he said. “I gravitate toward knowledge. I want to be smarter every single day… I like to be around smart people and accomplished people’s greatness. I love rubbing elbows with that.”
Rihanna is a boss, but don’t get it twisted, she’s had her fair share of setbacks, something she says prayer helps her handle.
“I pray a lot. A lot. And I try to just look at every situation like there’s some reason behind it,” she told The Cut. “Even if I can’t feel it in that moment, I just thank God anyway, because I know that there’s something better coming, and he’s doing it for my good.”
You don’t get to be a golfer of Tiger Woods’ caliber without effort, something he says is unavoidable.
“If you don’t go out there and put in the work, if you don’t go out there and put in the effort, one – you’re not going to get the results, and two, you don’t deserve them,” the golf champ said in a 2022 speech during his induction into the Golf Hall of Fame.
There’s a reason why every Tyler Perry movie and television show has his name on it. The billion-dollar actor and filmmaker says it’s his way of protecting his creative assets.
“I made sure that I owned everything with my name on it,” he said. “Every image, every copyright, every photoshoot, everything I do, I make sure that I own it so that if something shows up, and somebody’s trying to take credit for what belongs to me, I have recourse.”
“It’s very important that as you’re building a business, and you’re coming up with these incredible ideas, and you’re defining yourself in any space … you’re taking the necessary laws and steps to protect what you created, which is very difficult these days, especially with social media. But they can be held to account if you’ve lined up all the legal ducks in a row,” he said.
The former NBA star says the only way to succeed is to try. “I know fear is an obstacle for some people, but it is an illusion to me. Failure always made me try harder next time.”
The rapper and entrepreneur has always preached the power of owning your own business. “Your goal in every maneuver in life must be ownership, working the corner for yourself. When it is yours to lose – you are more motivated, more creative, more alive. The ultimate power in life is to be completely self-reliant, completely yourself,” he said.
